Know Your Market
Depending on your risk appetite, interest, nature, time, and money you will find a particular market or product that will attract more than others.
Which markets do you want to analyze and trade whether it is Equities, Futures, Options, Commodities, Currency?
Chose the market that fits your personality and risk appetite because it is the foundation of your trading carrier in beginning.
Choosing a market that ‘feels right for you is one of the intangibles that helps to make your trading carrier successful.
Know all markets, but most importantly make sure you understand the complexities and risks involved in trading the market of your choice.
Know Your Time-frame
The Principle of technical analysis can be applied to any timeframe, from a minute chart to a daily and weekly, and monthly chart, The interpretation is the same in anytime frame. The only difference is the battle between buyers and sellers is much more substantial to the monthly charts than on intraday ones.
For interpretation, the markets and timeframe don’t matter; It’s the purpose of your analysis and trading that does.
If the purpose of your analysis is to take a positional trade that may run for a few days or weeks, analyzing the 5-minute chart and executing a trade based on that analysis is just as irrelevant as it would be to an intraday trader.
A medium-term trader would never initiate a trade based on a 5- minute or 15-minute time frame, but the same price action or pattern appears on a daily, weekly, or monthly time frame than a medium-term trade can be initiated.
Always define yourself, What kind of Trader Are you? And what’s your time frame 5 min, 5 days, or 5 weeks.